Chinese solar power company Hoshine Silicon Industry doubles its stock value and wealth despite U.S. sanctions for using forced labor.
, which sets tougher standards for importers to prove goods from Xinjiang are not tainted by slavery.
U.S. investigators found two major indicators of forced labor in Hoshine’s operations: “intimidation and threats, and restriction of movement.” Chinese state documents showed the company participated in government programs known to use coercion against Uyghur workers and subject them to political indoctrination.a Withhold Release Order against Hoshine’s products, requiring all shipments to be detained upon arrival at U.S. ports.
Cheap energy — plus ultra-cheap labor extracted from what China absurdly describes as “vocational education and training centers” for the captive Uyghur population — help Hoshine shave at least 15 percent off its prices for silicon products. Some of Hoshine’s facilities are literally located next door to concentration camps.
After the sanctions were announced, US solar imports plummeted. Between July 2021 and May, they were $4.1 billion, down 24% from the same period the year before, according to BloombergNEF data.
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